A borrower has secured a 30 year, $100,000 loan at 10%

Question: 22. A borrower has secured a 30 year, $100,000 loan at 10%

A borrower has secured a 30 year, $100,000 loan at 10%. Fifteen years later, the borrower has the opportunity to refinance with a fifteen year mortgage at 7%. However, the upfront fees, which will be paid in cash, are $3,333. What is the return on investment if the borrower expects to remain in the home for the next fifteen years? SHOW YOUR calculation steps